Manila Water enters Thailand for its Southeast Asia expansion

Photo file from Rappler (ctto)

Manila, Philippines – Manila Water Company Inc, a company led by Ayala is venturing into the water industry of Thailand as part of its Southeast Asia expansion.

On Monday, Manila Water has signed a share of purchase agreement with Electricity Generating Public Company Limited (EGCO) to acquire its 18.72 percent equity in Eastern Water Resources Development and Management Public Company Limited that is based in Thailand.

While the closing of the acquisition is still on going, reports said that the company intends to finance the transaction through internally generated funds and bank debts.

“We recognize the opportunities this new market presents for us, and we are eager to share the technical expertise and service quality which Manila Water has developed over the last 20 years. 

From the conglomerate perspective, Ayala sees this development as a strategic entry point into Thailand. With Manila Water leading the way, we hope to leverage our various capabilities to enlarge our footprint in the country,” said  Fernando Zobel de Ayala, the Ayala President and Chief Operating Officer and Manila Water Board Chairman.

The East Water operates along the Eastern Economic Corridor targeting the supposed leading economic zone in the Southeast Asian region.

“Our entry into the Thailand water space aligns squarely with our internationalization strategy, with focus in Southeast Asia. East Water presents great potential, as its future growth will mainly come from the Eastern Economic Corridor (EEC), the Thai government’s initiative to further develop the country’s eastern seaboard into a leading economic zone in ASEAN,” Manila Water President and Chief Executive Officer Ferdz dela Cruz, said.

East Water is a publicly listed company who shares are traded in Stock Exchange of Thailand.
The Manila Water’s expansion and entry into Thailand came after its venture into bulk water and concession project in Vietnam.

The Ayala-led company has also completed its pilot projects in Bandung, Indonesia for a non-revenue water reduction program, also in Yangon, Myanmar for reduction of leakage.

 Source: PNA

Post a Comment